Higher One Holdings Inc. is preparing to pay a fine to federal regulators investigating fees the company charged to college students who used its bank cards.
The company is near a deal with regulators that would end an 18-month investigation of overdraft fees charged between 2008 and 2011, according to two people with direct knowledge of the matter. The amount of the fine had not yet been finalized, the people said. They spoke on condition of anonymity because the agreement has not yet been signed.
Higher One markets bank cards and checking accounts to college students through exclusive deals with colleges and universities. Students who use its accounts sometimes pay fees to access their financial aid money.
Source: Yahoo Finance News